Update 12/26: The purchase of 93.5 KDAY/93.5 KDEY-FM has hit the FCC. Meruelo Media will be paying $15 Million for the duo. That’s less than the $19.5 Million price that Phoenix Satellite Television agreed to pay earlier this year and much less than the $35 Million sale to SoCal 93.5 in 2010 that never closed.
Original Report 12/11: After two failed attempts at selling Classic Hip-Hop 93.5 KDAY Redondo Beach/Los Angeles and KDEY-FM Ontario, Magic Broadcasting has found a new buyer for the stations.
Los Angeles based Meruelo Media has agreed to purchase KDAY and KDEY-FM for an undisclosed price. Meruelo operates MundoFox affiliate KWHY-TV 22 in the Los Angeles market. Meruelo has indicated that it plans to keep the current Classic Hip-Hop format in place after it begins operating the stations via LMA on January 1.
Meruelo Media, Southern California’s leading minority-owned media group, and the owner of Spanish language television stations MundoFOX 22 and Super 22, today announced the purchase of KDAY 93.5 FM, Los Angeles’ original hip-hop and R&B radio station.
“This acquisition adds a unique media asset to our growing portfolio of highly-recognized media brands.” said Otto Padron, President and COO of Meruelo Media. “We’re thrilled at the invaluable opportunity KDAY offers us to expand our media business into the general market. Furthermore, in an ever evolving multi-cultural marketplace, a passion-driven brand like KDAY is strategically priceless.”
“Los Angeles has saved KDAY” said Meruelo Group Chairman and CEO Alex Meruelo, referring to a widespread activist campaign launched on social media earlier this year to keep the station’s format. “Growing up in Los Angeles, I’ve been a long time fan of KDAY, and I am excited to have the opportunity to re-energize such a beloved Southern California cultural institution…KDAY is LA!”
KDAY is an iconic Los Angeles radio station with roots as far back as the early 80’s when it was the first station in the world to ever play commercial Hip-Hop. KDAY helped transform N.W.A. from an unknown group to one of the most prolific Hip-Hop groups ever, and it helped launch the careers of many mainstream artists such as Dr. Dre, Ice Cube, Ice T, LL Cool J, and Queen Latifa. KDAY reflects and appeals to the diversity of the Southern California market with its unique and unmistakable West Coast sound.
Meruelo Media will begin operating KDAY on January 1, 2014 pursuant to a Local Marketing Agreement. Subject to the approval of the Federal Communications Commission, the sale of KDAY is expected to close in the second quarter 2014. KDAY’s studio operations will continue to be based in Los Angeles. The station currently ranks among the top stations in the competitive Southern California market. Media Venture Partners represented the seller, Magic Broadcasting, in the transaction.
About Meruelo Media
Meruelo Media is the media division of The Meruelo Group; they currently operate television stations in Los Angeles, Houston, Santa Barbara, and a Super Station on its digital KWHYÂTV 22.2 stream with carriage on Time Warner Cable. The Los Angeles station MundoFox 22, (KWHYÂ22.1) is the flagship and local Los Angeles affiliate station of the MundoFOX Television Network. Meruelo Group is a diversified holding and investment company owned and controlled by prominent U.S. Latino businessman Alex Meruelo, with a portfolio of companies in banking and financial services, restaurants, food services, construction and engineering, real estate, hotel and casino operations, public and private equity. For more information please visit http://www.meruelogroup.com.
